RENO, NV – November 13, 2025 – Lahontan Gold Corp. (TSX.V: LG, OTCQB: LGCXF, FSE: Y2F) today announced a pivotal development for its flagship Santa Fe gold-silver project in Nevada, securing approval for its comprehensive Exploration Plan of Operations (EPOO) from the Federal Bureau of Land Management (BLM). This landmark decision grants Lahontan Gold the mandate to conduct extensive exploration across a significant portion of its property, marking a substantial shift from previous operational limitations and heralding a potentially transformative period for the company and the broader gold mining industry.

The approval, a culmination of strategic planning and regulatory engagement, unlocks the full exploration potential of the Santa Fe project. With over 700 drill holes permitted across 12.2 square kilometers, Lahontan Gold is now poised to systematically target and define new gold and silver resources, moving beyond the constraints of limited disturbance areas. This expansion comes at a time when global economic uncertainties continue to bolster the appeal of safe-haven assets like gold, placing the spotlight firmly on companies capable of bringing new production online.

Unpacking the Landmark Approval: A New Horizon for Santa Fe

The Federal Bureau of Land Management's (BLM) approval of Lahontan Gold's (TSX.V: LG) (OTCQB: LGCXF) (FSE: Y2F) Exploration Plan of Operations (EPOO) on November 13, 2025, culminates a diligent process that began with the submission of the POO in November 2024. This critical regulatory green light, arriving precisely as anticipated in Q3 2025, empowers the company to undertake a true exploration program, a stark contrast to previous restrictions that limited disturbance to a mere five acres. The newly permitted scope of 12.2 square kilometers and authorization for over 700 drill holes represent a monumental leap forward, enabling the company to systematically investigate the vast potential of the Santa Fe project.

The exploration strategy is meticulously designed to target well-defined geologic and geochemical anomalies, follow up on previously drilled areas that yielded significant gold and silver intercepts, and assess priority targets such as the Pinnacles area, which shares geological similarities with Fortitude Gold Corp.'s (OTCQB: FTCO) nearby Isabella Pearl Mine. Additionally, Lahontan Gold plans to drill test the Guzzler target south of the Santa Fe open pit, explore multiple untested zones between known resource areas, and evaluate historical heap leach pads for remnant mineralization. Kimberly Ann, Lahontan Gold Corp.'s Executive Chair, Founder, CEO, and President, hailed the EPOO approval as a "landmark milestone," emphasizing its role in allowing a comprehensive assessment of the project's previously restricted exploration potential.

The EPOO approval is not merely a permit to drill; it also qualifies Lahontan Gold for the National Environmental Policy Act (NEPA) assessment, a crucial step ensuring environmentally responsible mining practices are integrated into future development. Further demonstrating its proactive approach, the company has also submitted a Notice of Operations to the BLM for an exploration drilling program at its West Santa Fe Project, aimed at validating historical data and expanding the mineralization footprint. This strategic advancement follows a period of robust financial backing, with Lahontan Gold securing Cdn $4,316,948 between July and October 2025 from warrant and stock option exercises, fully financing its planned Fall drilling programs.

Market Implications: Winners, Losers, and Shifting Sands

The extensive exploration approval for Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) (FSE: Y2F) positions the company as a clear potential winner in the evolving gold mining landscape. With a positive Preliminary Economic Assessment (PEA) from December 2024 already outlining robust project economics—a pre-tax Net Present Value (NPV5) of US$265.1 million and an Internal Rate of Return (IRR) of 41.0% over a nine-year mine life—the ability to conduct broad-scale exploration significantly de-risks and enhances the project's long-term value. Success in expanding resources adjacent to past-producing open pits and defining new high-grade zones could lead to a substantial re-rating of the company's valuation, attracting increased investor interest and potentially larger institutional players seeking exposure to promising gold assets.

The impact extends beyond Lahontan Gold. Neighboring operators, such as Fortitude Gold Corp. (OTCQB: FTCO), which operates the Isabella Pearl Mine nearby, could experience a positive ripple effect. Increased exploration activity and potential discoveries in the Walker Lane trend often lead to a re-evaluation of the entire district's prospectivity, benefiting all companies with holdings in the region. The validation of geological models through Lahontan's drilling could underscore the potential for similar deposits across the trend, potentially boosting the share prices of other regional explorers and developers.

Conversely, companies with less advanced projects or those facing regulatory hurdles might find themselves at a disadvantage as investor capital gravitates towards more derisked and actively progressing opportunities like Santa Fe. While there are no immediate "losers" from this specific approval, the competitive nature of the junior mining sector means that strong progress from one player can indirectly draw attention away from others. Emergent Metals Corp. (TSXV: EMR), which previously sold 27 unpatented lode mineral claims (York Claims) to Lahontan Gold, could see the value of its past transaction validated if Lahontan's exploration proves highly successful, though its direct involvement is now limited. Gateway Gold (USA) Corp., identified as the claim owner and operator of the mine closure project while Lahontan handles exploration, maintains its operational scope, albeit with Lahontan's success potentially enhancing the overall profile of the Santa Fe site.

Wider Significance: Nevada's Enduring Allure and Industry Trends

This extensive exploration approval for Lahontan Gold's Santa Fe project underscores the enduring strategic importance of Nevada as a premier jurisdiction for gold mining. Often referred to as "Gold Country," Nevada consistently ranks among the top global destinations for mineral exploration and production due to its rich geology, established infrastructure, and relatively stable regulatory environment. The ability for a junior explorer like Lahontan Gold to secure such a comprehensive permit from the BLM highlights the continued viability and support for responsible resource development within the state, even amidst evolving environmental considerations.

The development also fits into broader industry trends, particularly a renewed focus on brownfield exploration and the re-evaluation of historical mining districts. Many past-producing mines, like Santa Fe, still hold significant untapped potential, often overlooked due to lower gold prices or less advanced exploration techniques in previous eras. With gold prices remaining robust, companies are increasingly leveraging modern geological modeling, geophysical surveys, and advanced drilling technologies to uncover deeper or previously uneconomic extensions of known ore bodies. This trend offers a more capital-efficient path to resource growth compared to discovering entirely new greenfield deposits.

Potential ripple effects could see increased merger and acquisition (M&A) activity in the Walker Lane trend. As Lahontan Gold advances its project, demonstrating significant resource growth, it could become an attractive target for larger intermediate or major gold producers looking to replenish their project pipelines. This could ignite a regional M&A spree, benefiting other junior companies with promising assets in the vicinity. Regulatory implications, particularly the NEPA assessment, signal the ongoing need for environmental stewardship in mining. While essential for responsible development, these processes can be lengthy, and Lahontan's successful navigation of the EPOO approval sets a positive precedent for other companies in the region. Historically, successful exploration campaigns in Nevada have often led to the establishment of significant new mines, with precedents like the discovery and development of numerous deposits along the Carlin Trend serving as powerful reminders of the state's potential.

What Comes Next: Drilling, Discovery, and Market Opportunities

In the immediate term, Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) (FSE: Y2F) will swiftly move to implement its newly approved Exploration Plan of Operations. The company is fully financed for its planned Fall drilling programs at both Santa Fe and West Santa Fe, indicating that drill rigs are likely to be mobilized rapidly. Investors should anticipate a steady stream of news releases detailing drilling progress, assay results, and geological interpretations. These initial results will be crucial in validating the company's exploration model and demonstrating the resource expansion potential. Short-term possibilities include the definition of new high-grade zones that could significantly enhance the project's economics.

Looking further ahead, the long-term possibilities for Lahontan Gold are substantial. Successful exploration could lead to updated resource estimates, potentially elevating the Santa Fe project into a larger-scale development opportunity. This could necessitate a new Preliminary Feasibility Study (PFS) or Feasibility Study (FS) to refine the project's economic parameters and advance it towards a production decision. Such milestones would likely attract significant interest from institutional investors and potentially lead to strategic partnerships or even a takeover bid from a larger mining company seeking to expand its gold portfolio.

Market opportunities will emerge for investors closely following exploration results and resource updates. Positive news could drive significant share price appreciation for Lahontan Gold. However, challenges may also arise, including unexpected geological complexities, drilling delays, or fluctuations in gold prices. The company's ability to consistently deliver positive results and effectively communicate its progress will be key. Potential scenarios range from a gradual, steady increase in project value as resources are defined, to a more rapid re-rating if a major new discovery is announced. Strategic pivots might include optimizing drill programs based on early results or adjusting development plans in response to market conditions.

Comprehensive Wrap-Up: A Golden Opportunity Unfolds

The approval of Lahontan Gold Corp.'s (TSX.V: LG) (OTCQB: LGCXF) (FSE: Y2F) extensive Exploration Plan of Operations for its Santa Fe project marks a significant turning point, not only for the company but also for the gold mining sector in Nevada's prolific Walker Lane trend. The ability to conduct broad-scale, systematic exploration across 12.2 square kilometers, with over 700 drill holes permitted, transforms Santa Fe from a promising historical project into a potential cornerstone asset for future gold production. Key takeaways include the enhanced de-risking of the project, the strong financial position of Lahontan Gold, and the strategic importance of Nevada as a mining jurisdiction.

Moving forward, the market will closely scrutinize Lahontan Gold's exploration results. Success in defining new resources and extending known mineralization will be paramount in validating the project's robust Preliminary Economic Assessment and driving further investor confidence. This development reinforces the trend of re-evaluating brownfield sites with modern exploration techniques, offering a pathway to significant resource growth in established mining districts. The lasting impact could be the emergence of a new mid-tier gold producer, or a valuable acquisition target, further consolidating the industry.

Investors should watch for upcoming drill results, updated resource estimates, and any further regulatory advancements. The strategic execution of this exploration program will be critical in unlocking Santa Fe's full potential. With gold prices holding firm and the global demand for safe-haven assets continuing, Lahontan Gold's green light for extensive exploration could indeed be a golden opportunity unfolding in plain sight.

This content is intended for informational purposes only and is not financial advice